Wall Street analysts expect that MSG Networks Inc (NYSE:MSGN) will announce $188.38 million in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for MSG Networks’ earnings, with estimates ranging from $188.00 million to $188.90 million. MSG Networks reported sales of $183.25 million during the same quarter last year, which would suggest a positive year over year growth rate of 2.8%. The firm is scheduled to announce its next quarterly earnings report on Friday, May 4th.
According to Zacks, analysts expect that MSG Networks will report full year sales of $188.38 million for the current financial year, with estimates ranging from $687.00 million to $696.00 million. For the next year, analysts anticipate that the company will report sales of $708.60 million per share, with estimates ranging from $697.00 million to $717.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow MSG Networks.
MSG Networks (NYSE:MSGN) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.11. MSG Networks had a net margin of 40.97% and a negative return on equity of 19.52%. The firm had revenue of $181.20 million during the quarter, compared to analysts’ expectations of $179.73 million. During the same period in the previous year, the company earned $0.57 earnings per share. The firm’s quarterly revenue was up 3.2% on a year-over-year basis.
MSGN has been the subject of several research reports. Morgan Stanley cut shares of MSG Networks from an “equal weight” rating to an “underweight” rating and set a $20.00 price objective for the company. in a report on Tuesday, October 31st. Jefferies Group reduced their target price on shares of MSG Networks from $22.00 to $19.00 and set a “hold” rating for the company in a report on Friday, November 3rd. ValuEngine cut shares of MSG Networks from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Bank of America upped their target price on shares of MSG Networks from $29.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Finally, Zacks Investment Research cut shares of MSG Networks from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $25.00.
MSG Networks (NYSE MSGN) opened at $25.05 on Tuesday. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of -1.62. MSG Networks has a twelve month low of $16.15 and a twelve month high of $26.30. The firm has a market cap of $1,885.86, a P/E ratio of 6.79, a PEG ratio of 1.03 and a beta of 0.77.
MSG Networks announced that its Board of Directors has approved a share buyback plan on Friday, December 8th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
A number of hedge funds have recently made changes to their positions in the business. Ariel Investments LLC increased its holdings in MSG Networks by 17.5% during the fourth quarter. Ariel Investments LLC now owns 8,981,457 shares of the company’s stock valued at $181,875,000 after buying an additional 1,339,171 shares during the last quarter. BlackRock Inc. increased its stake in shares of MSG Networks by 0.5% in the fourth quarter. BlackRock Inc. now owns 3,876,672 shares of the company’s stock worth $78,503,000 after purchasing an additional 19,208 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of MSG Networks by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,107,529 shares of the company’s stock worth $44,680,000 after purchasing an additional 27,456 shares in the last quarter. London Co. of Virginia increased its stake in shares of MSG Networks by 148.2% in the fourth quarter. London Co. of Virginia now owns 1,651,551 shares of the company’s stock worth $33,444,000 after purchasing an additional 986,234 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its stake in shares of MSG Networks by 51.0% in the third quarter. Neuberger Berman Group LLC now owns 1,536,767 shares of the company’s stock worth $32,579,000 after purchasing an additional 518,782 shares in the last quarter. 81.42% of the stock is owned by institutional investors and hedge funds.
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MSG Networks Company Profile
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports production, and content development and distribution. The Company owns and operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania.
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